Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

The Company’s intangible assets at March 31, 2021 and December 31, 2020 consisted of the following:

March 31, 2021

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	557,728	$	65,005
Trade names and trademarks		1,715,325		636,168		1,079,157
Customer list		584,468		299,436		285,032
Product formulas		292,234		149,720		142,514
Royalty rights		160,000		137,570		22,430
Total intangible assets	$	3,374,760	$	1,780,622	$	1,594,138

December 31, 2020

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	544,644	$	78,089
Trade names and trademarks		1,715,325		626,413		1,088,912
Customer list		584,468		270,212		314,256
Product formulas		292,234		135,107		157,127
Royalty rights		160,000		133,085		26,915
Total intangible assets	$	3,374,760	$	1,709,461	$	1,665,299

Amortization expense related to intangible assets was $71,161 and $71,162 for the three months ended March 31, 2021 and 2020, respectively.